Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Biomea Fusion, Inc. | |
Entity Central Index Key | 0001840439 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | BMEA | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 35,944,584 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-40335 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-2520134 | |
Entity Address, Address Line One | 900 Middlefield Road, 4th Floor | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 980-9099 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 144,918 | $ 176,866 |
Prepaid expenses and other current assets | 2,648 | 2,315 |
Total current assets | 147,566 | 179,181 |
Property and equipment, net | 4,806 | 5,159 |
Operating lease right-of-use assets | 9,013 | 9,714 |
Restricted cash | 369 | 370 |
Other assets | 6,740 | 5,503 |
Total assets | 168,494 | 199,927 |
Current liabilities: | ||
Accounts payable | 4,709 | 6,851 |
Accrued expenses and other current liabilities | 17,379 | 13,543 |
Operating lease liabilities, current | 3,166 | 2,466 |
Total current liabilities | 25,254 | 22,860 |
Operating lease liabilities, non-current | 7,926 | 7,830 |
Total liabilities | 33,180 | 30,690 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity | ||
Preferred stock, $0.0001 par value; 10,000,000 authorized as of March 31, 2024 and December 31, 2023; 0 shares issued and outstanding as of March 31,2024 and December 31, 2023 | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 35,933,586 and 35,866,610 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 4 | 4 |
Additional paid-in capital | 423,196 | 418,058 |
Accumulated deficit | (287,886) | (248,825) |
Total stockholders' equity | 135,314 | 169,237 |
Total liabilities and stockholders' equity | $ 168,494 | $ 199,927 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 35,933,586 | 35,866,610 |
Common stock, shares outstanding | 35,933,586 | 35,866,610 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 33,776 | $ 24,395 |
General and administrative | 7,283 | 5,636 |
Total operating expenses | 41,059 | 30,031 |
Loss from operations | (41,059) | (30,031) |
Interest and other income, net | 1,998 | 980 |
Net loss | (39,061) | (29,051) |
Other comprehensive loss: | ||
Unrealized gain (loss) on investments, net | 1 | |
Comprehensive loss | $ (39,061) | $ (29,050) |
Net loss per common share, basic | $ (1.09) | $ (0.98) |
Net loss per common share, diluted | $ (1.09) | $ (0.98) |
Weighted-average number of common shares used to compute basic net loss per common share | 35,890,370 | 29,586,468 |
Weighted-average number of common shares used to compute diluted net loss per common share | 35,890,370 | 29,586,468 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2022 | $ 108,539 | $ 3 | $ 240,107 | $ (1) | $ (131,570) |
Balance (in shares) at Dec. 31, 2022 | 29,561,554 | ||||
Exercise of stock options | 407 | 407 | |||
Exercise of stock options, (in shares) | 44,501 | ||||
Issuance of restricted stock (in shares) | 45,079 | ||||
Stock-based compensation expense | 3,233 | 3,233 | |||
Unrealized gain (loss) on investments, net | 1 | $ 1 | |||
Net loss | (29,051) | (29,051) | |||
Balance at Mar. 31, 2023 | 83,129 | $ 3 | 243,747 | (160,621) | |
Balance (in shares) at Mar. 31, 2023 | 29,651,134 | ||||
Balance at Dec. 31, 2023 | 169,237 | $ 4 | 418,058 | (248,825) | |
Balance (in shares) at Dec. 31, 2023 | 35,866,610 | ||||
Exercise of stock options | $ 116 | 116 | |||
Exercise of stock options, (in shares) | 22,750 | 22,750 | |||
Issuance of restricted stock (in shares) | 44,226 | ||||
Stock-based compensation expense | $ 5,022 | 5,022 | |||
Net loss | (39,061) | (39,061) | |||
Balance at Mar. 31, 2024 | $ 135,314 | $ 4 | $ 423,196 | $ (287,886) | |
Balance (in shares) at Mar. 31, 2024 | 35,933,586 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net loss | $ (39,061) | $ (29,051) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 420 | 293 |
Non-cash operating lease expense | 999 | 612 |
Stock-based compensation expense | 5,022 | 3,233 |
Net amortization of premiums and accretion of discounts on investments | 1 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (333) | 2,345 |
Other assets | (1,236) | (744) |
Accounts payable | (2,176) | 665 |
Accrued expenses and other current liabilities. | 3,836 | (823) |
Operating lease liabilities | 499 | (575) |
Net cash used in operating activities | (32,030) | (24,044) |
Investing Activities | ||
Purchase of property and equipment | (35) | (2,906) |
Maturities of investments | 1,150 | |
Net cash used in investing activities | (35) | (1,756) |
Financing Activities | ||
Proceeds from stock option exercise | 116 | 201 |
Net cash provided by financing activities | 116 | 201 |
Net decrease in cash, cash equivalents, and restricted cash | (31,949) | (25,599) |
Cash, cash equivalents, and restricted cash at the beginning of the period | 177,236 | 112,250 |
Cash, cash equivalents, and restricted cash at the end of the period | 145,287 | 86,651 |
Non-cash financing and investing activities: | ||
Acquisition of operating lease right-of-use assets | 11,639 | |
Acquisition of property and equipment in accounts payable and accrued liabilities | 34 | 375 |
Reconciliation of cash and cash equivalents and restricted cash: | ||
Cash and cash equivalents | 144,918 | 86,300 |
Restricted cash | 369 | 351 |
Cash, cash equivalents, and restricted cash at the end of the period | $ 145,287 | $ 86,651 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization Organization Biomea Fusion, Inc., (the Company), was established in the state of Delaware in August 2017 as Biomea Fusion, LLC. In December 2020, all outstanding membership interests in Biomea Fusion, LLC were converted into equity interests in the Company. The capitalization information included in these unaudited condensed financial statements is consistently presented as if it is that of Biomea Fusion, Inc., even during the prior period when investors held their equity interests in Biomea Fusion, LLC. The Company is a clinical-stage biopharmaceutical company dedicated to discovering and developing novel covalent small molecules to treat and improve the lives of patients with genetically defined cancers and metabolic diseases. Since its inception in 2017, the Company has built its proprietary FUSION TM System platform to design and develop a pipeline of novel covalent product candidates. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The unaudited interim results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. Liquidity and Capital Resources The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $ 287.9 million at March 31, 2024. As of March 31, 2024, the Company had cash, cash equivalents, and restricted cash of $ 145.3 million . Management believes that the existing financial resources are not sufficient to continue operating activities for at least one year past the issuance date of these unaudited condensed financial statements. The Company’s ability to continue as a going concern will require the Company to raise additional capital to fund the Company's operations through public or private equity offering, debt financings, collaborations and licensing arrangements or other sources. There can be no assurance that additional financing will be available to the Company or that such financing, if available, will be available on terms acceptable to the Company. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The Company has historically financed its operations primarily through the sale of convertible preferred stock and common stock and the issuance of unsecured promissory notes. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company continues clinical development activities for its lead product candidate and advances the preclinical and clinical development of other product candidates. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed below. There can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies There have been no significant changes to the significant accounting policies during the three months ended March 31, 2024, as compared to those included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”) which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the disclosure requirements related to the new standard. In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statements and related disclosures. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | ote 3. Fair Value Measurement The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands): March 31, 2024 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 142,998 $ — $ — $ 142,998 Total $ 142,998 $ — $ — $ 142,998 December 31, 2023 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 174,429 $ — $ — $ 174,429 Total $ 174,429 $ — $ — $ 174,429 The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Levels 1, 2 and 3 during the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, there were no financial instruments classified as Level 2 or Level 3. There have been no realized gains or losses recognized for the periods presented. Unrealized gains and losses are included in accumulated other comprehensive loss within stockholders' equity on the balance sheet. There were no investments as of March 31, 2024 and December 31, 2023, as such, no allowance for credit losses has been recognized as of March 31, 2024. During the three months ended March 31, 2024 and 2023 , the Company did no t recognize any impairment losses related to investments. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Note 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following (in thousands): March 31, December 31, 2024 2023 Laboratory equipment $ 3,902 $ 3,852 Leasehold improvements 3,195 3,195 Computer equipment 146 130 Furniture and fixtures 409 409 Construction in progress 6 4 Total property and equipment, gross 7,658 7,590 Less: accumulated depreciation ( 2,852 ) ( 2,431 ) Total property and equipment, net $ 4,806 $ 5,159 Depreciation expense for the three months ended March 31, 2024 was $ 0.4 million . Depreciation expense for the three months ended March 31, 2023 was $ 0.3 million . Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued research and development materials and services $ 14,054 $ 6,952 Accrued personnel expenses 2,430 5,956 Accrued professional services 669 443 Other 226 192 Total accrued expenses and other current liabilities $ 17,379 $ 13,543 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 5. Leases Operating Leases The Company leases its headquarters with its main offices and laboratory facilities in Redwood City and San Carlos, California, pursuant to leases which expire in 2025 and 2027 , respectively. The San Carlos lease includes a renewal option for an additional five years until January 2032, which has been included in the determination of the right-of-use as of March 31, 2024. In November 2023, the Company submitted a claim of approximately $ 1.5 million against tenant improvement allowance reimbursement in connection with its operating lease for lab space located at 1585 Industrial Road, San Carlos, California which was received in January 2024. Of the total reimbursement, approximately $ 0.4 million constitutes a loan required to be repaid in the form of additional lease payments over the remaining original lease term at an annual interest rate of 7 %. Upon receipt of the reimbursement, the Company remeasured the lease liability and related right-of-use asset. The following table summarizes the lease costs and cash paid for the Company’s leases (in thousands): Three Months Ended March 31, 2024 2023 Cash paid for operating lease liabilities $ 640 $ 840 Operating lease costs 990 980 Short-term lease cost — — Variable lease costs 381 245 The maturities of lease liabilities as of March 31, 2024 were as follows (in thousands): Operating Lease Year Ending December 31, Commitments 2024 (remaining nine months) $ 3,154 2025 2,903 2026 1,525 2027 1,443 2028 1,474 Thereafter 4,827 Total future undiscounted lease payments 15,326 Less: Imputed interest ( 4,234 ) Total operating lease liabilities $ 11,092 Operating lease liabilities, current 3,166 Operating lease liabilities, non-current 7,926 Total operating lease liabilities $ 11,092 Supplemental balance sheet information related to leases was as follows: Three Months Ended March 31, 2024 2023 Weighted-average remaining lease term (in years) - operating leases 5.9 6.1 Weighted-average discount rate - operating leases 11.42 % 11.43 % |
Capital Structure
Capital Structure | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Capital Structure | Note 6. Capital Structure Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue up to 300,000,000 shares of common stock with a par value of $ 0.0001 per share and 10,000,000 shares of preferred stock with a par value of $ 0.0001 per share. Common stockholders are entitled to dividends when and if declared by the Company’s Board of Directors and after any preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of March 31, 2024 , no dividends have been declared. Public Offering In April 2023, pursuant to a registration statement on Form S-3, the Company issued and sold 5,750,000 shares of common stock at a public offering price of $ 30.00 per share in an underwritten public offering. The net proceeds to the Company from the offering were approximately $ 161.8 million, after deducting underwriting discounts and commissions and offering costs of approximately $ 11.0 million. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 7. Stock-Based Compensation Effective January 1, 2024, the number of shares of common stock available under the 2021 Equity Incentive (the “2021 Plan”) Plan increased by 1,798,926 shares pursuant to the evergreen provision. As of March 31, 2024, 770,983 shares of common stock remained available for issuance under the 2021 Plan. Effective January 1, 2024, the number of shares of common stock available under the 2021 Employee Stock Purchase Plan (the "ESPP") increased by 359,785 shares pursuant to the evergreen provision of the ESPP. As of March 31, 2024, 811,671 shares of common stock remained available for issuance under the ESPP. As of March 31, 2024, 1,993,000 shares of common stock remained available for issuance under the 2023 Inducement Equity Plan as adopted in November 2023. Stock-Based Compensation Expense Total stock-based compensation expense related to the Company’s equity incentive plan and employee stock purchase plan was recorded in the statements of operations and allocated as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 2,546 $ 1,474 General and administrative 2,476 1,759 Total stock-based compensation expense $ 5,022 $ 3,233 As of March 31, 2024, there was $ 42.9 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 2.6 years. Stock Options The following table summarizes stock option activity : Outstanding Options Shares Weighted- Weighted- Balance, December 31, 2023 7,357,607 $ 9.34 8.1 Granted 1,838,510 14.60 Exercised ( 22,750 ) 5.09 Cancelled ( 4,082 ) 9.61 Balance, March 31, 2024 9,169,285 10.40 8.3 Exercisable, March 31, 2024 4,020,182 $ 9.08 7.6 Restricted Stock The following table summarizes the restricted stock activity: Number of Weighted-Average Balance, December 31, 2023 111,920 $ 4.06 Granted — — Released ( 44,226 ) 4.03 Forfeited ( 2,564 ) 3.96 Balance, March 31, 2024 65,130 $ 4.09 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Legal Proceedings The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Management is currently not aware of any legal matters that could have a material adverse effect on its financial position, results of operations or cash flows. Indemnification The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 9. Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock outstanding for the period. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: March 31, 2024 2023 Stock options, issued and outstanding 9,169,285 6,949,081 Estimated shares issuable under the employee stock purchase plan 114,511 105,062 Restricted stock, issued and outstanding 65,130 247,157 Total 9,348,926 7,301,300 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements - Not Yet Adopted | In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”) which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the disclosure requirements related to the new standard. In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statements and related disclosures. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Investments Measured and Recognized at Fair Value | The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands): March 31, 2024 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 142,998 $ — $ — $ 142,998 Total $ 142,998 $ — $ — $ 142,998 December 31, 2023 Fair Value Amortized Gross Gross Fair Financial assets included in cash and cash Money market funds Level 1 $ 174,429 $ — $ — $ 174,429 Total $ 174,429 $ — $ — $ 174,429 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment, net consists of the following (in thousands): March 31, December 31, 2024 2023 Laboratory equipment $ 3,902 $ 3,852 Leasehold improvements 3,195 3,195 Computer equipment 146 130 Furniture and fixtures 409 409 Construction in progress 6 4 Total property and equipment, gross 7,658 7,590 Less: accumulated depreciation ( 2,852 ) ( 2,431 ) Total property and equipment, net $ 4,806 $ 5,159 |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued research and development materials and services $ 14,054 $ 6,952 Accrued personnel expenses 2,430 5,956 Accrued professional services 669 443 Other 226 192 Total accrued expenses and other current liabilities $ 17,379 $ 13,543 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Costs and Cash Paid | The following table summarizes the lease costs and cash paid for the Company’s leases (in thousands): Three Months Ended March 31, 2024 2023 Cash paid for operating lease liabilities $ 640 $ 840 Operating lease costs 990 980 Short-term lease cost — — Variable lease costs 381 245 |
Schedule of Maturities of Lease Liabilities | The maturities of lease liabilities as of March 31, 2024 were as follows (in thousands): Operating Lease Year Ending December 31, Commitments 2024 (remaining nine months) $ 3,154 2025 2,903 2026 1,525 2027 1,443 2028 1,474 Thereafter 4,827 Total future undiscounted lease payments 15,326 Less: Imputed interest ( 4,234 ) Total operating lease liabilities $ 11,092 Operating lease liabilities, current 3,166 Operating lease liabilities, non-current 7,926 Total operating lease liabilities $ 11,092 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Three Months Ended March 31, 2024 2023 Weighted-average remaining lease term (in years) - operating leases 5.9 6.1 Weighted-average discount rate - operating leases 11.42 % 11.43 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated | Total stock-based compensation expense related to the Company’s equity incentive plan and employee stock purchase plan was recorded in the statements of operations and allocated as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 2,546 $ 1,474 General and administrative 2,476 1,759 Total stock-based compensation expense $ 5,022 $ 3,233 |
Summary of Stock Option Activity | The following table summarizes stock option activity : Outstanding Options Shares Weighted- Weighted- Balance, December 31, 2023 7,357,607 $ 9.34 8.1 Granted 1,838,510 14.60 Exercised ( 22,750 ) 5.09 Cancelled ( 4,082 ) 9.61 Balance, March 31, 2024 9,169,285 10.40 8.3 Exercisable, March 31, 2024 4,020,182 $ 9.08 7.6 |
Summary of Restricted Stock Activity | The following table summarizes the restricted stock activity: Number of Weighted-Average Balance, December 31, 2023 111,920 $ 4.06 Granted — — Released ( 44,226 ) 4.03 Forfeited ( 2,564 ) 3.96 Balance, March 31, 2024 65,130 $ 4.09 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share | March 31, 2024 2023 Stock options, issued and outstanding 9,169,285 6,949,081 Estimated shares issuable under the employee stock purchase plan 114,511 105,062 Restricted stock, issued and outstanding 65,130 247,157 Total 9,348,926 7,301,300 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (287,886) | $ (248,825) |
Cash, cash equivalents, and restricted cash | $ 145,300 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unrealized gains (losses) on available for sale securities | $ 0 | $ 0 | |
Fair Value | 142,998,000 | 174,429,000 | |
Investments | 0 | 0 | |
Allowance for credit Loss | 0 | ||
Fair value liabilities transferred from level 1 to level 2 | 0 | $ 0 | |
Fair value liabilities transferred from level 2 to level 1 | 0 | 0 | |
Fair value assets transferred from level 1 to level 2 | 0 | 0 | |
Fair value assets transferred from level 2 to level 1 | 0 | 0 | |
Fair value liabilities transferred to level 3 | 0 | 0 | |
Fair value liabilities transferred from level 3 | 0 | 0 | |
Fair value assets transferred to level 3 | 0 | 0 | |
Fair value assets transferred from level 3 | 0 | 0 | |
Impairment loss on investments | 0 | $ 0 | |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 0 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Investments Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 142,998 | $ 174,429 |
Fair Value | 142,998 | 174,429 |
Money Market Funds | Level 1 | Financial Assets Included Within Cash and Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 142,998 | 174,429 |
Fair Value | $ 142,998 | $ 174,429 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 7,658 | $ 7,590 |
Less: accumulated depreciation | (2,852) | (2,431) |
Total property and equipment, net | 4,806 | 5,159 |
Laboratory Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 3,902 | 3,852 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 3,195 | 3,195 |
Computer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 146 | 130 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 409 | 409 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 6 | $ 4 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation expense | $ 420 | $ 293 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
Accrued research and development materials and services | $ 14,054 | $ 6,952 |
Accrued personnel expenses | 2,430 | 5,956 |
Accrued professional services | 669 | 443 |
Other | 226 | 192 |
Total accrued expenses and other current liabilities | $ 17,379 | $ 13,543 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Nov. 30, 2023 | Mar. 31, 2024 | |
Lessee Lease Description [Line Items] | ||
Reimbursement on additional lease payments | $ 0.4 | |
Lease term annual interest rate | 7% | |
Redwood City, California | ||
Lessee Lease Description [Line Items] | ||
Operating lease, expiration year | 2025 | |
San Carlos, California | ||
Lessee Lease Description [Line Items] | ||
Operating lease, expiration year | 2027 | |
Claim against tenant improvement allowance | $ 1.5 |
Lease - Schedule of Lease Costs
Lease - Schedule of Lease Costs and Cash Paid (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease, Cost [Abstract] | ||
Cash paid for operating lease liabilities | $ 640 | $ 840 |
Operating lease costs | 990 | 980 |
Variable lease costs | $ 381 | $ 245 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
2024 (remaining nine months) | $ 3,154 | |
2025 | 2,903 | |
2026 | 1,525 | |
2027 | 1,443 | |
2028 | 1,474 | |
Thereafter | 4,827 | |
Total future undiscounted lease payments | 15,326 | |
Less: Imputed interest | (4,234) | |
Total operating lease liabilities | 11,092 | |
Operating lease liabilities, current | 3,166 | $ 2,466 |
Operating lease liabilities, non-current | $ 7,926 | $ 7,830 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) | Mar. 31, 2024 | Mar. 31, 2023 |
Lease, Cost [Abstract] | ||
Weighted-average remaining lease term (in years) - operating leases | 5 years 10 months 24 days | 6 years 1 month 6 days |
Weighted-average discount rate - operating leases | 11.42% | 11.43% |
Capital Structure - Additional
Capital Structure - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Apr. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Class Of Stock [Line Items] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 300,000,000 | 300,000,000 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Dividends declared | $ 0 | ||
Net proceeds from offering | $ 161,800,000 | ||
Common Stock | |||
Class Of Stock [Line Items] | |||
Issuance of common stock (in shares) | 5,750,000 | ||
Public offering price | $ 30 | ||
Underwritting discounts and commissions and offering costs | $ 11,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Jan. 01, 2024 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized stock-based compensation expense | $ 42.9 | |
Unrecognized stock-based compensation expense, weighted-average period | 2 years 7 months 6 days | |
2021 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock to grant stock-based compensation awards | 770,983 | |
Increase in number of shares of common stock available under evergreen provision | 1,798,926 | |
2021 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock to grant stock-based compensation awards | 811,671 | |
Increase in number of shares of common stock available under evergreen provision | 359,785 | |
2023 Inducement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock to grant stock-based compensation awards | 1,993,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated (Details) - Equity Incentive Plan and Employee Stock Purchase Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 5,022 | $ 3,233 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,546 | 1,474 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,476 | $ 1,759 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Shares, Beginning Balance | 7,357,607 | |
Shares, Granted | 1,838,510 | |
Shares, Exercised | (22,750) | |
Shares, Cancelled | (4,082) | |
Shares, Ending Balance | 9,169,285 | 7,357,607 |
Shares, Exercisable | 4,020,182 | |
Weighted Average Exercise Price, Beginning Balance | $ 9.34 | |
Weighted Average Exercise Price, Granted | 14.6 | |
Weighted Average Exercise Price, Exercised | 5.09 | |
Weighted Average Exercise Price, Cancelled | 9.61 | |
Weighted Average Exercise Price, Ending Balance | 10.4 | $ 9.34 |
Weighted Average Exercise, Exercisable | $ 9.08 | |
Weighted Average Remaining Contract Term | 8 years 3 months 18 days | 8 years 1 month 6 days |
Weighted Average Remaining Contract Term, Exercisable | 7 years 7 months 6 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Restricted Stock Awards | shares | 111,920 |
Number of Restricted Stock Awards, Released | shares | (44,226) |
Number of Restricted Stock Awards, Forfeited | shares | (2,564) |
Number of Restricted Stock Awards | shares | 65,130 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 4.06 |
Weighted-Average Grant Date Fair Value, Released | $ / shares | 4.03 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 3.96 |
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares | $ 4.09 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti Dilutive Shares | 9,348,926 | 7,301,300 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti Dilutive Shares | 9,169,285 | 6,949,081 |
Estimated Shares Issuable Under the Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti Dilutive Shares | 114,511 | 105,062 |
Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti Dilutive Shares | 65,130 | 247,157 |